BTCUSD at crucial juncture
This is still a highly resisted area. Despite the up moves, we need to see a clean break before bullishness is confirmed. We are seeing low volume - that's fine, the volume can come later. First and foremost, the price action needs to move about the PoC
You need only look at the previous <month price action to see that we are literally in a zone of contention. Price has struggled here on previous attempts. The magnitude of the move to get here already, exhausts the probability of further moves to the upside in the short term.
I'd also like to see a weakening of the DXY and US yields. This is more thematic, but confirmatory, nonetheless.
RSI is reaching territories where local and recent rejection has been seen. Factoring into the probabilities.
You need only look at the previous <month price action to see that we are literally in a zone of contention. Price has struggled here on previous attempts. The magnitude of the move to get here already, exhausts the probability of further moves to the upside in the short term.
I'd also like to see a weakening of the DXY and US yields. This is more thematic, but confirmatory, nonetheless.
RSI is reaching territories where local and recent rejection has been seen. Factoring into the probabilities.
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